Beer and Young raises £2.2m for top satellite navigation app
Beer and Young (B&Y) has raised £2.2 million for a smart navigation and traffic app on iPhone. As a leading provider of connected navigation solutions they are positioned to become the largest 3D-mapping company in the world by the end of 2018.
With over 26 million downloads, they are perfectly timed to capitalise on the new economic wave of ‘driverless cars’ and ‘smart cities’, not to mention the ever-increasing demand for quality up-to-date mapping.
The satnav company is delighted with their success since they first approached B&Y to raise marketing capital. They have signed several significant contracts, including one with Nokia to supply traffic data and a B2B partnership with Microsoft; increased their international availability from 52 to over 187 countries and grown their monthly searches to 3.8 million helping drivers navigate 37 million miles of road per year.
B&Y generated a record amount of interest from investors, advised and managed their client throughout the entire process and completed a Series A+ round of funding. A lead investor has offered to initiate a Series B round of funding and several VCs on the West Coast and two trading partners have indicated they will follow suit. B&Y are happy to have raised so much capital towards their client’s goal and anticipate them selling out to a big company.